How do I set “permissions” or “visible to” restrictions when adding information into Wealthbox?

For various data entry interactions in Wealthbox (eg. adding contacts, tasks, calendar events, etc.) there is a “visible to” option, also known as “permissions” which allow users to make information visible to “everyone” or “only me” or a sub-group of users. In the Settings section, you can  create groups of users within one CRM workspace account.